frequently asked questions

For individuals considering establishing a company in Ireland, understanding the local business landscape is crucial. Below, we’ve compiled a detailed set of frequently asked questions to guide you through the process.

At Irish Company, we specialize in offering extensive and cost-effective advice and solutions across various domains, including Company Law, Accounting, Tax, Company Secretarial Practice, and Corporate Governance. Our comprehensive expertise empowers you to strategically plan, scale, and expand your business operations in Ireland effectively.

On average, the process takes approximately 5-7 days, contingent upon the completion of anti-money laundering (AML) checks and the submission of duly signed documents. Regarding AML compliance, we require:

– A copy of your Passport.
– A recent copy of utility bills (dated within the last 3 months).
– For shareholder entities, the Certificate of Incorporation and proper identification of the Ultimate Beneficial Owner are necessary.

No, physical presence within Ireland is not obligatory. You can send signed application and identity documents via post or email in advance of the company setup process.

No, directors of limited companies are not mandated to be residents of Ireland. However, at least one director must be a resident of the European Economic Area (EEA), irrespective of their nationality. While not obligatory, having an Irish-based director is advisable for tax residency considerations.

The current corporate tax rate stands at 12.5%, which is notably low compared to other European countries. Familiarizing yourself with these tax rates is vital for making informed business decisions and optimizing financial returns.

While not a compulsory requirement, obtaining an Irish bank account is highly recommended, particularly for interactions with local authorities and seamless financial transactions.

Yes, it’s entirely feasible. Many Irish companies have directors who are non-residents. However, non-EEA resident directors must either acquire a Non-EEA Directors Bond or appoint a nominee director for company registration purposes.

VAT registration may pose challenges for companies with non-resident directors/shareholders. Requirements typically include a mix of Irish customers and suppliers, a business plan, an Irish phone number, and potentially a short-term rental contract.

Before finalizing company registration, you’ll need to provide proof of identity (preferably a passport) and proof of address (such as bank statements, utility bills) for all directors and shareholders. This compliance is in accordance with the AMLD5 Directive.

Ireland consistently ranks among the top countries globally for ease of doing business and attracts substantial foreign direct investment. Its competitive advantages include high rankings in competitiveness and labor productivity, making it an appealing destination for entrepreneurs.

Limited companies have the option to forego Annual General Meetings (AGMs) if members sign a written resolution. However, conducting AGMs annually is recommended.

All companies are required to file an annual return with the Companies Office at least once per calendar year. Additionally, companies must attach a copy of their accounts to the annual return filed with the Companies Registration Office (CRO).

Yes, it’s possible for a single individual to establish a limited company. However, a separate individual must be appointed as the Company Secretary, as a single person cannot fulfill both roles simultaneously.

Technically, any individual aged 18 or above can act as a Company Secretary. However, directors are responsible for ensuring that the appointed secretary possesses the necessary skills. Many opt to engage professional company secretarial firms for this role.

Certain requirements must be met, including being at least 18 years old and not necessarily being an Irish resident.

The corporate tax rate, also known as corporation tax, is 12.5%, making it one of the lowest in the EU.

Yes, a single individual can establish a limited company. However, a separate individual must act as the Company Secretary, as one person cannot fulfill both roles.

Income can be received through either a salary or dividends.

Non-residents residing outside the European Economic Area (EEA) can opt for either purchasing a Non-EEA Director bond or appointing a non-executive or nominee director to fulfill residency requirements.

Yes, all Irish companies must register with an Irish address, although it does not necessarily have to be the trading address.